SUUN · PowerBank Corporation Common Stock

PowerBank Corporation announced the execution of a lease agreement for a new 5 MW AC hybrid solar plus battery energy storage project in upstate New York, designated as the NY-Conklin Hill Rd project. The project is positioned to benefit from New York State incentives, including the NYSERDA NY-Sun Program and the Retail Storage Incentive Program. The Company is currently initiating the preliminary screening analysis for interconnection, with the project intended to operate as a hybrid community solar plus energy storage asset upon completion.

Concurrently, the Company disclosed a material update regarding the previously announced sale of its Gainesville, Highway 28, Hardie, and Rice Road solar projects. The buyer has issued a Sell-Back Notice for the Gainesville and Highway 28 projects due to the failure to obtain required permits. Consequently, the transactions for these two projects have been terminated, and PowerBank is required to return any funds advanced. The Company stated it will evaluate strategic options for these assets, including developing them as independent power producer (IPP) assets or pursuing sales to alternative third parties.

The Hardie and Rice Road projects remain unaffected by the Sell-Back Notice and are currently under construction. These projects are on track for module delivery in the second half of 2026 and commercial operation in Q1 2027. As of the original transaction date, the combined total project value for the Hardie and Rice Road projects was US$22.88 million to PowerBank.